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Weekly Assignment

In: Business and Management

Submitted By rajus
Words 403
Pages 2
American college of commerce and technology Subject: Managerial Economics and Finance Proffecer name: Pudasaini Assignment Number: 1

Submitted by: Rajendra Sondarva Date: 07/22/2015

TABLE OF CONTENTS

INTRODUCTION ................................................................................ 01
ABSTRACT ...................................................................................02
ASSIGNMENT ...................................................................................03
REFERENCE ...................................................................................08

INRODUCTION

1] Description managerial economics relies on microeconomics and industrial organization to analyze business practices and design business strategies

2] Description the difference between price-taking and price-setting firms.

ABSTRACT

Overview of industrial organisation and micro economics related to managerial economics and difference between price taking and price setting.

ASSIGNMENT

1. Why managerial economics relies on microeconomics and industrial organization?
Answer: The new managerial economics design comprised three part that is: part 1: basic concepts [supply and demand analysis ,market demand analysis ,production and cost analysis and factor markets] part2: industrial organisation [competition and monopoly ,oligopoly] part3: techniques of competitive strategy [pricing ,non-price ,and international.]

Definition:
One standard definition for economics is the study of the production, distribution, consumption of goods and services. The definition indicates that economics includes any business, non-profit organization, or administrative unit. The microeconomic approach is essential for understanding the behaviour of atomic entities in an economy.

2. Explain the difference between price-taking and price-setting firms and discuss the characteristics of the four market structures.
Answer:

Meaning of market structures

Market structure refers to the nature and degree of competition in the market for goods and services. The structures of market both for goods market and service (factor) market are determined by the nature of competition prevailing in a particular market.

Characteristics

The focus of the four market structures it is divide in four part will learn the characteristics of pure competition, pure monopoly, monopolistic competition, and oligopoly.

PRICE-TAKING STRATEGY

In this theoretical situation, which characterizes the limiting case of “pure competition,” market price is determined by the confrontation of a supply curve and a demand curve.

PRICE-SETTING STRATEGIES

Producers are generally able to fix, or set, their output price by taking into account quantities demanded by consumers.

Price-taking strategy

* price taking can not set price of its product. * prices is determined strictly by market forces of demand and supply.

price-setting strategy

* price setting can set price of its product. * This strategy has a degree of market power which is the ability to raise the price without loosing all sales.

references: www.lahc.edu/classes/microlectur.ppt

www.yourarticllibrary.com/market-structure...characteristics...

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